Mortgage Rate drops - Chevelle Tech
Bench Racing Stories, cruising and more.

 105Likes
Reply
 
LinkBack Thread Tools Search this Thread Display Modes
post #1 of 64 (permalink) Old Jul 10th, 19, 4:55 PM Thread Starter
Lifetime Premium Member
Ben
 
Join Date: Apr 2000
Location: Snohomish, WA
Posts: 7,421
Garage
Mortgage Rate drops

Anybody here following mortgage rates?

We bought a new house last year, 30 year rate was 4.8%
Getting ready to make some renovations so I was looking at maybe a home equity loan and then stumbled on the current mortgage rates, 3.75% today.... full point+ lower than a year ago!

Did a little reading and it sounds like the Fed is supposed to announce a cut at the end of this month so lenders are preemptively dropping rates...

Question is- would it be smart to wait until the end of the month and see what happens, or jump on what appears to be a fantastic rate now.

Historically do lenders drop rates premptively and they stay that way after formal announcements, or do they tend to drop further. (of course it could always go back up too if the news is not as expected... a gamble of course).

Ben R.

To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
-
To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
RAMBO is offline  
Sponsored Links
Advertisement
 
post #2 of 64 (permalink) Old Jul 10th, 19, 5:54 PM
Lifetime Premium Member
Tony
 
Join Date: May 1999
Location: Southern Oregon
Posts: 697
Re: Mortgage Rate drops

if you do a refi, are you gonna get hit with all the normal fees or because you bought last year, will you avoid most of those fees? Hard to say if rates will drop more at the end of July, might be worth taking advantage of those rates you are seeing, if you refi and don't have to pay all the fees.
BossHogg69 likes this.

Yeah, we're runnin' a little bit hot tonight,
I can barely see the road from the heat comin' off,
You know what I'm sayin',
Ahh, you reach down, put it between my legs 'n
ease the seat back,
She's runnin', I'm flyin',
Right behind in the rear view mirror now,
Got the fearin', power steerin',
Pistons poppin', ain't no stoppin' now,
PANAMA!
64elkynss is offline  
post #3 of 64 (permalink) Old Jul 10th, 19, 6:16 PM
Lifetime Premium Member
Brian
 
Join Date: Apr 2000
Location: Holland, PA
Posts: 1,123
Some places let you buy down your rate for only a fee. Might be worth contacting your mortgage company?

Team Chevelle Member (19 years and counting...
To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
)

'72 Chevelle Convertible (Mohave Gold) (all SS options, no SS badging)
To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


2004 Pontiac GTO (Quicksilver) RIP April 2013
--> Replaced with 2004 Pontiac GTO (Barbados Blue)

2003 Chevrolet Avalanche (Sunset Orange Metallic)
72soft-top is online now  
post #4 of 64 (permalink) Old Jul 10th, 19, 8:11 PM
Senior Tech Team
 
Join Date: Feb 2000
Location: SF Bay Area
Posts: 9,751
Re: Mortgage Rate drops

As suggested, contact a mortgage broker. A friend bought a house last summer and refinanced it last month, he said heís saving $400 a month. Run the numbers on a spread sheet to see if itís worth it. We refinanced my house 4 times, kept making the original payment amount and knocked 12 years off of the mortgage.

Steve R
Steve R is offline  
post #5 of 64 (permalink) Old Jul 10th, 19, 8:18 PM
Senior Tech Team
Lang
 
Join Date: Apr 2004
Location: West Hills California
Posts: 2,250
Garage
Re: Mortgage Rate drops

Quote:
Originally Posted by RAMBO View Post
Anybody here following mortgage rates?

We bought a new house last year, 30 year rate was 4.8%
Getting ready to make some renovations so I was looking at maybe a home equity loan and then stumbled on the current mortgage rates, 3.75% today.... full point+ lower than a year ago!

Did a little reading and it sounds like the Fed is supposed to announce a cut at the end of this month so lenders are preemptively dropping rates...

Question is- would it be smart to wait until the end of the month and see what happens, or jump on what appears to be a fantastic rate now.

Historically do lenders drop rates premptively and they stay that way after formal announcements, or do they tend to drop further. (of course it could always go back up too if the news is not as expected... a gamble of course).
I don't know anything about this company, I have just seen several commercials on the TV. The 2.99% for 15yrs, would be interesting to me, if I was looking to do a refi.... https://owning.com/index-refi.html# Due your homework....if they are offering these rates....know what your getting into. I did a 10yr refi in 2010 at 3.50% and this place will be paid for December 1, 2020. Just do a search for Fixed Rates with no closing costs. I hope this helps......
64elkynss likes this.

Ideas are like children: there are none so wonderful as your own.
langss is online now  
post #6 of 64 (permalink) Old Jul 11th, 19, 9:00 AM
Tech Team
James
 
Join Date: Jul 2016
Location: Roseville, CA
Posts: 917
Re: Mortgage Rate drops

Iím keeping an eye on the rates. I refinanced our last home two times in 5 years. We had a rate of 2.75% on a 15 year. Since then we bought another home, but got hit with the jumbo loan rate of 4.25% on a 30 year.


Sent from my iPhone using Tapatalk
Steve R likes this.
69Chvll is online now  
post #7 of 64 (permalink) Old Jul 11th, 19, 10:26 AM
Lifetime Premium Member
 
Join Date: May 1999
Location: Under the hood of some musclecar
Posts: 27,948
Re: Mortgage Rate drops

I have a $73,000 balance on a 30 year mortgage that is almost 4 years old at 4%
I wonder if its worth refinancing.I always send extra regardless.
LeoP likes this.


To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.




To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.



To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
mr 4 speed is offline  
post #8 of 64 (permalink) Old Jul 11th, 19, 11:58 AM
Lifetime Premium Member
Beth
 
Join Date: Oct 2010
Location: Nashville TN
Posts: 1,231
Re: Mortgage Rate drops

Quote:
Originally Posted by RAMBO View Post

Question is- would it be smart to wait until the end of the month and see what happens, or jump on what appears to be a fantastic rate now.
There is zero chance that rates are headed higher right now.

The FED chairman said a rate cut is coming in July so be patient.
RAMBO, Pat_McNeil and BossHogg69 like this.

67 Chevelle convertible, 138 vin, original 4 speed, bucket seats, 12 bolt, Marina Blue with black interior
nashville beth is offline  
post #9 of 64 (permalink) Old Jul 11th, 19, 1:42 PM
Gold Member
Gene
 
Join Date: Sep 2000
Location: Buffalo NY
Posts: 13,924
Re: Mortgage Rate drops

To Beth's point, Wall Street is pegging the chances of a cut soon at 100% or certainty. They arent always right, but.... dragging one's feet on a mortgage is likely the right attitude right in here.

Quote:
Originally Posted by mr 4 speed View Post
I have a $73,000 balance on a 30 year mortgage that is almost 4 years old at 4%
I wonder if its worth refinancing.I always send extra regardless.
Common rule of thumb is you need a point+ in the rate difference to make it economically logical ( based on origination fees, etc) . So likely not Chris, just keep banging the principal down. When we refid, we flipped from a 30yr VA to a 15 yr conventional ( lower rate) , so that is another way to accelerate the paydown and minimize interest cost.

Gene
ACES 3112/Team Chevelle Gold #62
Be big, be a 'builder'!
427L88 is offline  
post #10 of 64 (permalink) Old Jul 11th, 19, 4:34 PM
Senior Tech Team
Lang
 
Join Date: Apr 2004
Location: West Hills California
Posts: 2,250
Garage
Re: Mortgage Rate drops

I am by no means an expert nor do I know very much about this, but when I did it, some how the loan I paid off(or portion there of)with the sale of the old house, left me with a $200,000 balance 30yr variable at 4.5%. So I did a quick shop around and got a 10yr at 3.5%....and as I said above, its almost paid off. Best move I ever made. I would encourage all of you, if you have any length of loan and or higher than 3% loan to start shopping for a refi and even though it may cost more per month....make it for the shortest term you can. This time next year, I'm going to be looking for a place to buy in AZ. I doubt I could have even considered doing this with another 20 yrs on the term of my loan. I want to go shooting without having somebody looking over my shoulder to see if my firearm is "California Legal". I expected to do this in California....but the current political climate, could potentially ruin my life just for enjoying my 2nd Amendment Rights.
427L88 likes this.

Ideas are like children: there are none so wonderful as your own.
langss is online now  
post #11 of 64 (permalink) Old Jul 11th, 19, 9:40 PM
Tech Team
 
Join Date: Mar 2017
Location: n.w.iowa
Posts: 319
Re: Mortgage Rate drops

i went from a 4.35 to a 2.75 and dropped payments almost 300 a month.as said you need to drop 1 point + for it to be feasible.
LeoP and badrad like this.
cherokeepeople is offline  
post #12 of 64 (permalink) Old Jul 12th, 19, 9:15 AM
Tech Team
Bryan
 
Join Date: Apr 2015
Location: SE Michigan
Posts: 707
Re: Mortgage Rate drops

I don't see the harm in waiting just a little longer. I highly doubt rates are going to rise from where there are currently, and there's a good chance they'll drop a little more if the Fed cuts rates again.

My wife and I also just bought a new house last year. According to our math, if we refi, we could take a little cash out and avoid resetting the clock back to 30 years on our loan and keep our monthly payment exactly the same. I'm going back and forth between taking that route, or just taking the lower rate and lowering our payment a little. It would save us like $100/month.

'66 SS Clone
Fast Burn 385hp Crate 350 (for now)
Muncie M20 & 3.42 Posi
UMI Stage 2 Suspension all around
bry66 is online now  
post #13 of 64 (permalink) Old Jul 12th, 19, 12:32 PM
Lifetime Premium Member
JOHN
 
Join Date: Nov 2007
Location: GEORGIA
Posts: 6,125
Re: Mortgage Rate drops

Man , Im so glad Im out of debt , no payments , I play with lots of Trucks .
FLASHED is offline  
post #14 of 64 (permalink) Old Jul 12th, 19, 5:10 PM
Tech Team
 
Join Date: Mar 2017
Location: n.w.iowa
Posts: 319
Re: Mortgage Rate drops

Quote:
Originally Posted by bry66 View Post
I don't see the harm in waiting just a little longer. I highly doubt rates are going to rise from where there are currently, and there's a good chance they'll drop a little more if the Fed cuts rates again.

My wife and I also just bought a new house last year. According to our math, if we refi, we could take a little cash out and avoid resetting the clock back to 30 years on our loan and keep our monthly payment exactly the same. I'm going back and forth between taking that route, or just taking the lower rate and lowering our payment a little. It would save us like $100/month.
if you do that apply that extra 100 every month to the principal to knock your loan down faster.i try to pay an extra 300 a month if and when i can.
cherokeepeople is offline  
post #15 of 64 (permalink) Old Jul 13th, 19, 12:26 AM
Senior Tech Team
Kev
 
Join Date: Aug 2007
Location: Texas
Posts: 1,773
Re: Mortgage Rate drops

I guess I'm a moron. www.chevelles.com means come here and ask for mortgage advice. Yes drive slowly in the left lane.
66sc is offline  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Chevelle Tech forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address. Note, you will be sent a confirmation request to this address.

Email Address:
OR

Log-in










Thread Tools Search this Thread
Show Printable Version Show Printable Version
Email this Page Email this Page
Search this Thread:

Advanced Search
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome